People ICAP elects new president
Grant Thornton Pakistan senior partner Imran Afzal has been elected as the president of the Institute of the Chartered Accountants of Pakistan (ICAP) for 2007 and 2008. Afzal, a business graduate from the Punjab University of Pakistan, qualified from ICAP in 1986. He joined Grant Thornton in 1990 and has served on ICAP’s executive council since 2001. Afzal is also an ICAP representative on the Confederation of Asian and Pacific Accountants Forum.
People UK Auditor General to resign John Bourn has announced he will resign from the position of UK Comptroller and Auditor General (C&AG). He will remain in the post of chairman of the Financial Reporting Council’s Professional Oversight Board (POB). Bourn has been the C&AG for 20 years. His retirement is due to the potential of a conflict of interest between his roles as the C&AG and chairman of the POB. A clause in the new UK Companies Act 2006 will give Auditor Generals the power to audit public limited companies from next April, and therefore come under the inspection regime of the POB.
Regulation UK FRC to amend code The UK Financial Reporting Council (FRC) has recommended two minor changes to the Combined Code on Corporate Governance. These include removing the restriction on an individual chairing more than one FTSE 100 company, and allowing the chairman of a smaller listed company to be a member of the audit committee where he or she was considered independent on appointment. FRC chairman Christopher Hogg said there was no demand for significant changes to the code at this point in time.
People CGA-Canada reveals new board The Certified General Accountants Association of Canada (CGA-Canada) has named its board of directors for 2007-2008. Ron Colucci is the newly elected chair. He is the principal of R.V. Colucci Certified General Accountants in Ontario and has been a public practitioner since 1988, after spending more than a decade in industry in various finance roles. Tony Ducie has been elected to the board as first vice chair and Terry LeBlanc has been elected second vice chair. Moe Jones, Joyce Evans, Pierre Samson and past chair Jackie Poirier are also on the board’s executive.